Where can I exchange Royal Mint coins?

noh

eDicky wrote: »

I wouldn't worry too much, it's 2oz of fine silver and unlikely to lose value, more likely to gain a little if you keep it mint in the pack. It's not something that banks would handle, perhaps a gold shop or such. Apparently the Royal Mint delivers them by Royal Mail 1st. Why not just hang on to it, unless you need the cash?

The bullion value of 2oz of silver is around £18

Westie983

Post office have to accept them if they are legal tender, but they are getting crafty and saying you have to spend £5 in store and use it against it, although this is not technically true practice.

Just check online before the value of the coins, as some coins are worthless, worth 25p and others are valuable up to 4.000.

EarthBoy

Westie983 wrote: »

Post office have to accept them if they are legal tender,

No they don't. Have you read the link above explaining what legal tender means? Legal tender doesn't mean that it's compulsory to accept it, it's only relevant for the legal settlement of debts.

I'll help you by copying the information here;'

"Legal tender has a very narrow and technical meaning in the settlement of debts. It means that a debtor cannot successfully be sued for non-payment if he pays into court in legal tender. It does not mean that any ordinary transaction has to take place in legal tender or only within the amount denominated by the legislation. Both parties are free to agree to accept any form of payment whether legal tender or otherwise according to their wishes. In order to comply with the very strict rules governing an actual legal tender it is necessary, for example, actually to offer the exact amount due because no change can be demanded."

http://www.royalmint.com/aboutus/policies-and-guidelines/legal-tender-guidelines

Westie983

Thanks for that but the post office can not deny to accept any coins that are tender, those that say £5 or £20, or £100 but they can say that it has to be paid against a good or service from them, you can buy a stamp with a £100 coin and they will have to accept it,

note: my original comment was about paying coins into the post office and nothing said about paying for a debt so your above post isn't applicable, and my reply to the OP was about where to exchange coins, and my answer still stands which is the post office.

I appreciate your post thought and yes I am aware of the description of legal tender as I deal with this every day, as I do with commemorative coins that people try to pay in and the solution to this question is to go to the post office!

Chino

Westie983 wrote: »

you can buy a stamp with a £100 coin and they will have to accept it

The Post Office is under no obligation to accept your £100 coin.

cheerfulcat

TheNewGuy wrote: »

Hi bit of an odd one.

I got a £100 coin from a relative and I know this makes me seem really ungrateful but I rather deposit it into a savings account. Does anyone know which bank might take it?

Thanks

Not a bank, but a coin dealer like Chard http://24carat.co.uk/frame.php?url=onehundredpoundsindx.phphttp://http://24carat.co.uk/frame.php?url=onehundredpoundsindx.php might buy it for something like face value.

EarthBoy

Westie983 wrote: »

Thanks for that but the post office can not deny to accept any coins that are tender,

Yes they can refuse to accept them. You clearly haven't read, or understood the quote from the Royal Mint.

Westie983 wrote: »

you can buy a stamp with a £100 coin and they will have to accept it,

No they don't have to accept it.

Westie983 wrote: »

note: my original comment was about paying coins into the post office and nothing said about paying for a debt so your above post isn't applicable,

You said the post office have to accept legal tender coins. I, and others, have corrected you and explained that they don't. Legal tender only applies to settlement of debts; it's irrelevant in other situations, such as paying coins into the post office.

Westie983 wrote: »

I appreciate your post thought and yes I am aware of the description of legal tender as I deal with this every day, as I do with commemorative coins that people try to pay in and the solution to this question is to go to the post office!

Clearly you don't really understand what legal tender means. Your solution is no solution at all because the post office don't have to accept any coins that they don't want to accept.

eDicky

It would be interesting to find out which diametrically opposed opinion is right about whether the PO will except the coin, if OP is still around and would like to try it. You can pay in to most bank accounts now at the post office, and they do accept banknotes that many others will not. I recently paid in a Clydesdale Bank £100 note, which is not legal tender in England and many shops will reject. A couple of years ago I exchanged Jersey Pound notes to euros at a PO, even banks will not accept them unless you are a customer.

glentoran99

noh wrote: »

They are at liberty, as you are, to decide what to accept.
Have you read the link?

yes and the only one it says they can refuse are £5 crowns

EarthBoy

glentoran99 wrote: »

yes and the only one it says they can refuse are £5 crowns

It doesn't say that at all. In fact, it says that post offices will accept the £5 crowns:

"Alternatively, crowns can be exchanged for goods or services at Main Post Office branches throughout the UK. For further assistance please contact the Post Office Helpdesk on 08457 223344."